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Exam Review Course Manual – Page 1

Exam Review Course Manual – Page 1. Legal Aspects Property –. Rights or interests in the thing owned. Exam Review Course Manual – Page 1. Real Property –. Immovable. Bearing wall. Not leasehold estates. Exam Review Course Manual – Page 1. 2. Fixtures –. Incorporated into land. Not cost.

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Exam Review Course Manual – Page 1

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  1. Exam Review Course Manual – Page 1 • Legal Aspects • Property – Rights or interests in the thing owned

  2. Exam Review Course Manual – Page 1 • Real Property – Immovable Bearing wall Not leasehold estates

  3. Exam Review Course Manual – Page 1 2. Fixtures – Incorporated into land Not cost Not time of attachment • Trade Fixtures – Business office

  4. Exam Review Course Manual – Page 1 3. Run With the Land – Easements, water company stock, covenants, and minerals No separate conveyance 4. Personal Property – Hypothecated, alienated, become real property

  5. Exam Review Course Manual – Page 1 B. Estates 1. Fee Simple Estates (Fee Estate) – Indefinite duration Freehold Most interest Not free of encumbrances Inheritance 2. Fee Simple Defeasible – No alcohol 3. Life Estate, Property is Leased – Owner dies, lease terminates

  6. Exam Review Course Manual – Page 1 4. Less-Than-Freehold Estates (Leases) – Lessees Not necessary to sign 6 months – Estate for years Personal property, chattel real • Sublease – Transfers possession Can sublease or assign if not mentioned

  7. Exam Review Course Manual – Page 2 Paramount b. Quiet enjoyment – c. Abandonment – Tenant leaves voluntarily d. Percentage lease – Based on gross receipts e. Security deposit – Furnished or not Fixed period f. Estate for years – g. License – Personal, revocable

  8. Exam Review Course Manual – Page 2 Tenancy = Method C. Title Vestings – • Severalty – Individual 2. Joint Tenancy – Equal interest One title Cannot will Free of unsecured debts

  9. Exam Review Course Manual – Page 2 3. Tenancy in Common – Can convey separately Unity of Possession 4. Community Property – Husband & wife Agreement to sell – Unenforceable

  10. End of Session

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